Job cuts in the United States have reached an all-time high of 1 million through October, according to a report by global outplacement firm Challenger. The number of job cuts announced in October alone was 153,074, a 175% increase from last year and a record high since 2003.
Industry leaders cited cost-cutting measures and the integration of artificial intelligence (AI) as major reasons for the increased layoffs. Technology companies were at the forefront, announcing 33,281 job cuts in October, while retailers announced 2,431 cuts.
The report also revealed that hiring plans have slowed significantly, with employers announcing 488,077 planned hires through October, a 35% decrease from last year. This is the lowest year-to-date total since 2011.
“It’s possible that companies may make a late-season push for employees, but at this point, we don’t expect a strong seasonal hiring environment in 2025,” said Andy Challenger, workplace expert and chief revenue officer of Challenger.
Source: https://www.challengergray.com/blog/october-challenger-report-153074-job-cuts-on-cost-cutting-ai